Average family take-home pay has been hit by almost €400 a month by the austerity Budgets that began in 2008 new figures show.

The figures, compiled by The Irish Tax Institute, show that average family with two children and one income of €55,000 has been hit hard by income tax changes, cuts in child benefit, higher medical charges, reductions in pensions tax reliefs and government spending cuts, according to the Irish Independent.

The figure is made of up €283 per month in tax increases, €46 per months in petrol rises, and a €52 per month hit in Child Benefit. Another €183 per month would have to be added if the couple had two children under six to take into account the abolition of the Early Childcare Supplement.

It is the first time a formal financial assessment of the impact of the Budgets on families has been made. Next month’s Budget alone is set to hit households with hikes in VAT and carbon hikes and the new household charge.

But there is more to come in a series of austerity budgets that will involve water charges, higher motor tax, cuts in child benefit, more income tax rises and an increase in the household charge.

The figures do not take account of a range of other income-reducing measures, such as pay cuts, public sector pension levies, phasing out of mortgage interest relief for most, cuts in unemployment benefit and higher DIRT savings tax.

President of the Tax Institute Bernard Doherty said families were fast reaching a point where they could no longer absorb the burden of spending cuts and tax hikes.

“The capacity for people to bear more pain is running out as we approach an overall tipping point in terms of the money that can be taken from them in tax.”

He welcomed the promise by Finance Minister Michael Noonan not to hike income tax on Tuesday week, but warned that €1.6bn in other tax cuts in the Budget would be felt by every individual in the State.

The total tax measures in the last four Budgets amount to €4.9bn, with another €4.65bn in new tax-raising to be imposed over the next four Budgets. Irish Tax Institute experts said it was not possible to say with any certainty how the €4.65bn in new taxes would impact on households.

But other tax consultants said that if households were again forced to bear the lion’s share of the cuts and tax hikes in the next four Budgets, the average family will end up €1,200 a month worse off by 2015.

Next month’s Budget is set to hit households with a VAT hit on spending, with the top rate moving from 21pc to 23pc.

The new rate will apply to about half of all goods and services, and will mean this country will have the highest VAT rate in the eurozone. This is set to cost households around €500 a year and an household charge will be unveiled in the Budget at an annual cost of €100.

Meanwhile, cuts in Child Benefit are likely to cost a family with two children €240 a year and hikes in carbon tax on petrol, diesel, gas and heating oil could add €200 to households’ budgets over a year.

The following year’s Budget is set to see water charges, more hikes in income taxes, changes to pension tax reliefs and further cuts in child benefit.